The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-12-08

the cODtlnuoQ existence OF LlOeo laws Iof 81
long time; ana that under these conditions
many laboring men have become so employed
in certain industries that it might be difficult
for them at once TO get other work.
while Iot admitting that labor elsewhere can
injure labor as whole in this country by giving
it clothing and tools at loss cost than it can
make them here for itself, more than the sun,
the Winds the waters, and, indeed. all OF the
forces Of nature iniure che labor of the world,
because they do for mankind far more of mans
work than he does hiEaself, yet it must be ad-
mitted that the cheaper labor of other countries
might now ipjure portion of the labor OF this
country if the articles made by the former were
admitted here upon terms which would enable
our people to buy them for the prices at which
they are sold in the other countries. If this OBJ
legation, which it is claimed that labor as a
whole has assumed toward labor engaged in par
should be sacredly kept however unwise and i'll
considered we may believe its assumption to
have been; and, whether the existence OF this
obligation is admitted or not, the fact of this
present en- Employment OF portion of the laborers
of the country should always be in mind when
making changes in the tariff. to the end that
their interests may not suffer thereby.
Under the encouragement offered by the
tariff laws, large sums of money have been in-
vested in manufacturing enterprises, and the
capital thus invested must also be remem bered,
receive reasonable reward and its power to pay
fair wages to the labor which it employs de-
ponds upon its own prosperity. But it must also
be borne in mind that it was no part OF the al
legged compact, nor should it De claimed on any
other ground, that the labor engaged in the
tariff protected industries should be rewarded
beyond the general labor of the country, due
allowance being made for skill and experiences.
that the capital invested In them should re-
turn vast fortunes to its owners.
''The country promised the benefit of
whatever com petition might naturally arise
among the manufacturers when they should be
once estab lished, and to this it has right. The
tariff laws the country's laws; they do not
belong to any section or to any class; their
amendment should be approached in a spirit OF
justice. and with full consideration of all of the
obligations which exist between sections of the
country toward each other, and of those en-
gagged in pursuit toward those engaged in
other pursuits. but it should also be approached
with courage. and with determination to dis
pose of this business in the same way that other
business is disposed of, and with full regard
the rights and equities well the interests
of all concerned. After paying due regard to
servance of every obligation, 1t will be found
that great reductions can be made in tariff tax
alton. So many compensations will be thereby
given to this and that industry that most of
them will find themselves in fully good
state as now many of them in q much better
state. Patient labor, coupled with a firm de-
termination to lay aside every consideration
save tho lasting good of the whole country. will
enable the Congress TO accomplish Its task with
honor.
CATER the question Of the annual surplus rev.
enues is disposed of there still remains the sur
plus money which 10 in the treasury TO be con-
sidered. This surplus amounted, on the lat day
of December, to $50, 258 70l. 19. and will proba-
bly amount to about $140 900. 600 on the Both day
of June next. One use which can be made Of
this money il to diminish taxation to such an
extent that the annual revenues will be less Tor
thus the accumulated surplus would be used
for ordinary expenses and the people would gain
the greatest possible good from it. Doubtless
by the time this money was spent in pursuance
of this plan the revenues would have 40 increased
as be equal to proper annual expenses Ex-
perience teaches that this would probably be the
case. In the meantime portion Of this money
could lie in banks, where 1T would be available
for the business OF the country, and, upon
withdrawal from them it would be at once re-
turned to the channels of business through gov
eminent payments, no shock would be caused by
such withdrawal. AS this is the best use to
make of this money. advise it. If. however. it
is thought better to attempt to buy bonds with
it should like to have specific authority given
to the Secretary of the Treasury to do so.
1.-THE expense of collecting the revenue from
customs during the last fiscal year was SO $50, :
of deficiency appropriation on this account.
This is increase over the expenses of 1886 OF
1902, 6S3 16. The percentage of cost to collec-
tons has. however, decreased from $50 per
cent. in 1886 to 3. II per cont in 1887 =
THE CURRENCY QUESTION.
s"The circulation of coin and paper in denomi-
nations of twenty dollars and less, from July 1,
1885, to Nov l. 1887 shows a net increase of
about $1O9, 600, 000 thus nearly the whole of the
increased circulation was in the form of small
money. The increase In the total circulation
was caused by ordinary payments made in pur-
suance of law, by the purchase of bonds, and by
increasing deposits in national-bank deposito-
res. The increase in the circulation of small
money was because the government met the
peoples request for it so far it could. But
for the lack of sufficient appropriation for the
Bureau OF Engraving and Printing, the circula-
ton of small currency, particularly in the form
of silver certificates, would have been much
greater It has been impossible to more rapid
" supply the demand for that kind of currency
After deducting the gold and silver coin, held
for the gold and silver certificates in circulation,
it is found that the government owned $780, o2I,
S9S less gold coiu and $39, 675 766 less standard
silver dollars on Nov /, 1887, than it did on
July l, 1886; during the intervening period $43,
1856 81 standard silver dollars were coined. AS
there is still SO much coined gold owned by the
government, 1882, 657, $50, Nov. 1, 1872 it has
been thought best to allow the gold to accumu-
late in the form of bullion until there is need of
gold coin The statements of the Treasurer
show that after deducting the demand and trust
liabilities of the govern ment and the amount of
money on deposit in national-b bank repositories
the net money in the treasury vaults was $92,
496. 7O4 sc on June 80, 1885, Oct. 81 1887, il was
$40, 459, 36L n.
lone of the most interesting facts shown by
the foregoing statements is the decrease in the
number of standard silver dollars owned by the
government and the increased use of the same
money by the people in the form of silver GER
tifcates. The five. two, and one-dollar certlh-
Gates furnish a convenient currency, and it is
evident that the future of the silver dollar
will be almost exclusively in that form.
dollars at present There is no function which
those that are COLI ned after this time will proba-
bly, ever perform, except to lie in government
vaults and be basis upon which silver certif-
Gates can be issued. It is seldom that any one
wishes to have his silver certificate exchanged
for the silver dollar itself, consequently a linn
tied number of coined dollars will perform the
work of redeeming certificates. The $214, 00O.-
OOO which now in the treasury will more
than suffice to redeem, as they may be presented
from time to time. the silver certificates that
have already been issued or that can be issued
AGAINST all the dollars which will be coined for
wears to come under the present law.
.tThe law should be so amended as to author
izs the Secretary of the Treasury to issue
tifcates against the coming value of the bullion
bought and to coin only such number of dollars
as he might deem expedient hereafter This
would not restrict in the least degree the use
of the silver dollar currency. The certificates
would be equally secure whether representing
coined dollars lying in vaults, represen ting
bullion also lying in vaults, and which could be
coined into dollars The bullion should be melt
ed into tho form of very heavy bars which
conld not he easily stolen or lost In this form